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Be Fearful When Others Are Greedy and Greedy When Others Are Fearful -Warren Buffet I'm not touching bitcoin while there is this kind of hype around it...

sliverstorm 13y ago
You make an excellent point, as the public gets more bullish on BTC the end may be quickly approaching... On the other hand, a couple hundred bucks is a small price to pay for the chance that BTC could explode another couple orders of magnitude. In the end, my indecisiveness on the matter will lead to laziness determining my strategy, i.e. letting the BTC I have ride.
- Xcelerate 13y ago
  > On the other hand, a couple hundred bucks is a small price to pay for the chance that BTC could explode another couple orders of magnitude. This is how I look at it. How much money will I make in a lifetime? Am I really going to miss a few hundred dollars for something that could become revolutionary? We've never seen something quite like Bitcoin before, so it's really hard to predict what will happen.
  - Afforess 13y ago
    That sounds like every penny-stock investor ever.
    - Xcelerate 13y ago
      Except Bitcoin is not penny-stock. How could you possibly draw a parallel like that?
      - dllthomas 13y ago
        If a sizable portion of the market is in it because if thinking like the above, it'll behave in highly relevant ways like a penny stock.
Xcelerate 13y ago
Yeah, but if you ignored that advice when the hype was about Bitcoin hitting $10, you'd be rich right now.
- ekianjo 13y ago
  Yup, stupid advice indeed. You can't predict what's going to happen, so in the end it really depends on the case. You could find many counter examples to this quote.
  - jmduke 13y ago
    The underlying idea behind the quote (and much of Buffett's investment strategy) is that its inherently a bad idea to invest in something when you can't predict what's going to happen.
    - ekianjo 13y ago
      That's why I am saying it's stupid. Nobody can predict anything, as best you can assume that it will go this way or that way, but that's it. The only exception may be if you are buying bonds (and even that, you never know if the bond issuer goes bankrupt in the meantime...). There's always SOME amount of risk when you invest in something. If there was no risk then everyone would invest in the same place and be rich.
- dllthomas 13y ago
  If you sold right now.
a3voices 13y ago
I remember hearing Warren Buffet also tries to stay away from technology investments, because he doesn't understand them well enough.
- camus2 13y ago
  and he is right, stay away from anything you dont understand.

sliverstorm 13y ago

You make an excellent point, as the public gets more bullish on BTC the end may be quickly approaching... On the other hand, a couple hundred bucks is a small price to pay for the chance that BTC could explode another couple orders of magnitude. In the end, my indecisiveness on the matter will lead to laziness determining my strategy, i.e. letting the BTC I have ride.

Xcelerate 13y ago
> On the other hand, a couple hundred bucks is a small price to pay for the chance that BTC could explode another couple orders of magnitude. This is how I look at it. How much money will I make in a lifetime? Am I really going to miss a few hundred dollars for something that could become revolutionary? We've never seen something quite like Bitcoin before, so it's really hard to predict what will happen.
- Afforess 13y ago
  That sounds like every penny-stock investor ever.
  - Xcelerate 13y ago
    Except Bitcoin is not penny-stock. How could you possibly draw a parallel like that?
    - dllthomas 13y ago
      If a sizable portion of the market is in it because if thinking like the above, it'll behave in highly relevant ways like a penny stock.

Xcelerate 13y ago

Yeah, but if you ignored that advice when the hype was about Bitcoin hitting $10, you'd be rich right now.

ekianjo 13y ago
Yup, stupid advice indeed. You can't predict what's going to happen, so in the end it really depends on the case. You could find many counter examples to this quote.
- jmduke 13y ago
  The underlying idea behind the quote (and much of Buffett's investment strategy) is that its inherently a bad idea to invest in something when you can't predict what's going to happen.
  - ekianjo 13y ago
    That's why I am saying it's stupid. Nobody can predict anything, as best you can assume that it will go this way or that way, but that's it. The only exception may be if you are buying bonds (and even that, you never know if the bond issuer goes bankrupt in the meantime...). There's always SOME amount of risk when you invest in something. If there was no risk then everyone would invest in the same place and be rich.
dllthomas 13y ago
If you sold right now.

a3voices 13y ago

I remember hearing Warren Buffet also tries to stay away from technology investments, because he doesn't understand them well enough.

camus2 13y ago
and he is right, stay away from anything you dont understand.